Independent Banker - November 2023 - 30

PORTFOLIO
banks have what everyone wants:
money, " says Lance Noggle, senior
vice president of operations and
senior regulatory counsel at ICBA.
" So, you're always under attack.
If a fraudster can steal data or get
access to a system, it would be the
ultimate prize to get it straight from
the source. "
Ongoing impacts of digital
payment attacks
FOCUS SECURITY
The never-ending
quest for digital
payment security
Now more than ever, cybercrime is a top priority for banking leaders.
We spoke to experts on how community banks can prevent bad
actors from infiltrating their systems. By Colleen Morrison
D
igital payment attacks are
on the rise, with Juniper
Research predicting losses exceeding
$362 billion globally between 2023
and 2028. More than one-third of
those attacks will target banking and
money transfer businesses.
Bad actors are focusing their
attention on gaining banking
information. Data from the AntiPhishing
Working Group showed
that in the fourth quarter of 2022,
financial institutions were by far
the primary industry target of
phishing attacks.
" At the end of the day, community
The growing threat is putting pressure
on community bank priorities and
infrastructure. At the beginning
of 2023, an overwhelming 85% of
community bank executives ranked
cybersecurity as a top risk, according
to a survey by the Conference of
State Bank Supervisors. Bank teams
are therefore turning their attention
toward how they can shore up their
systems and create a line of defense.
Yet, community banks aren't always
able to have the needed depth and
breadth of cyber expertise in-house;
51.2% of community bank executives
have flagged attracting and retaining
competent technology personnel
as the most difficult challenge in
implementing new technology.
" It does make the partners you
choose more critical, because the
expertise is the value, " says Matt
Herren, director of payment strategy
at third-party service provider CSI.
" If you're not able to go out and
hire someone, you need to know
the partner you pick is going to
give you those best practices and
[strategic] insights. "
Thwarting payment attacks
As digital payments fraud grows
in sophistication, the technology
community banks use to support
their infrastructure needs to keep
pace. However, it can be an infinite
investment, so prioritization is key.
Experts point to the following four
30 // ICBA Independent Banker // November 2023
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Independent Banker - November 2023

Table of Contents for the Digital Edition of Independent Banker - November 2023

Contents
Independent Banker - November 2023 - Intro
Independent Banker - November 2023 - Cover1
Independent Banker - November 2023 - Cover2
Independent Banker - November 2023 - Contents
Independent Banker - November 2023 - 2
Independent Banker - November 2023 - 3
Independent Banker - November 2023 - 4
Independent Banker - November 2023 - 5
Independent Banker - November 2023 - 6
Independent Banker - November 2023 - 7
Independent Banker - November 2023 - 8
Independent Banker - November 2023 - 9
Independent Banker - November 2023 - 10
Independent Banker - November 2023 - 11
Independent Banker - November 2023 - 12
Independent Banker - November 2023 - 13
Independent Banker - November 2023 - 14
Independent Banker - November 2023 - 15
Independent Banker - November 2023 - 16
Independent Banker - November 2023 - 17
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Independent Banker - November 2023 - 19
Independent Banker - November 2023 - 20
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Independent Banker - November 2023 - 29
Independent Banker - November 2023 - 30
Independent Banker - November 2023 - 31
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Independent Banker - November 2023 - 33
Independent Banker - November 2023 - 34
Independent Banker - November 2023 - 35
Independent Banker - November 2023 - 36
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Independent Banker - November 2023 - Cover3
Independent Banker - November 2023 - Cover4
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